Well… Unfriend it!
Has fear stopped you from making the right trade? Or has it made you get into the wrong trades? Don’t worry, your not alone.
Have you ever had a setup you liked and wanted to take the trade, but missed it because you came up with a reason not too(most likely due to fear)? You say to yourself, well… I’ll just watch this trade and see what happens. Then the trade ends up doing exactly as you thought it would and it would have been a nice trade. Now your frustrated, and are frantically looking around to find another similar setup and when you do find it, you take it the trade without giving it much thought. You now feel some initial relief now that you entered the trade with the expectation it will work well. Only to see with wide eyes that it doesn’t work out well and you take a loss.
Fear caused you to do all the wrong things in the example above. Fear of losing money caused you to miss the first right trade in your watchlist. Then as a result of missing that trade, your need to make up on what you missed out makes you take the second wrong trade and lose money.
We have to recognize these emotions when they arise and stop them from taking over. If you see a setup that should be taken as it is a part of your process then put the order in and take the trade. If you miss it then be ok with that and move on. There are always trades setting up if your patient to wait for them.
If fear is controlling you in any variety of ways, try doing some visualization practice. Just visualize yourself doing what you should be doing in times of pressure. Do it five times a day for about one minute each(no time for this exercise should not be an excuse).
Fear is something every trader battles with, even the professionals. The difference is the professionals have learned when to listen to it and when not too.
If you found this useful, then join me and my members and trade with us. Entries w/ stops and trade management to ride our winners. Visit AmyAtrade.com to register!